Spotlight

Indian equities are expected to trade with a constructive bias, supported by favourable global cues, resilient domestic fundamentals and improving investor sentiment. Foreign Institutional Investors (FIIs) have turned net buyers over the past two sessions, reflecting improving risk appetite as geopolitical tensions ease and weaker-than-expected U.S. labour market data reinforce expectations of a less hawkish Federal Reserve. Domestic Institutional Investors (DIIs) have also maintained steady buying, providing continued support to the market and reinforcing the positive underlying tone.

Crude oil prices continue to consolidate in the $68–69 per barrel range, offering a favourable backdrop for India's macroeconomic outlook by helping contain inflationary pressures and supporting external balances.

The Indian rupee, however, remains under pressure, weakening to a three-week low and trading near the 95.4 mark against the U.S. dollar. The move reflects continued demand for the greenback and a cautious stance among forex market participants despite the improvement in broader risk sentiment. 

Technical view

Nifty 50

Nifty 50 continues to maintain a constructive technical structure after extending its recovery and sustaining above the 24,400 mark. The index remains comfortably positioned above its 20, 50, 100, and 200-day Exponential Moving Averages (EMAs), reflecting improving market sentiment. From a technical perspective, the 24,450–24,500 region continues to act as the immediate resistance zone. A sustained breakout above this band could reinforce bullish momentum and pave the way for an advance towards the 24,600 region. The 24,500–24,600 zone will remain a crucial area to watch as a decisive move above this band could confirm the continuation of the broader uptrend.
 
On the downside, the 24,200 level is expected to act as immediate support in case of any profit booking, followed by the 24,000 psychological zone, which remains the crucial zone. Holding above these levels will be essential to preserve the prevailing bullish structure. Overall, the near-term technical outlook remains positive, with sustained trading above 24,400 likely to keep the bullish bias intact.

Bank Nifty

Bank Nifty continues to exhibit a constructive technical structure, with the index comfortably positioned above its key moving averages, indicating that the broader uptrend remains intact. From a technical perspective, the 58,400–58,500 zone continues to act as the immediate resistance area. A sustained move above this region would reinforce bullish momentum and could extend the rally towards the 58,700–58,800 zone.
 
On the downside, the 58,000 psychological mark is expected to provide immediate support. A decisive break below this level could trigger profit booking and drag the index towards the 57,800 support zone. Momentum indicators remain favourable, reflecting sustained buying interest despite intermittent profit booking at higher levels. Overall, the near-term technical outlook remains cautiously positive, with the broader bullish structure likely to remain intact as long as the index sustains above the 58,000 mark.